GOLD-POINT ARBITRAGE AND UNCOVERED INTEREST ARBITRAGE UNDER THE 1925 1931 DOLLAR STERLING GOLD STANDARD

被引：9
作者：
OFFICER, LH
机构：
来源：
EXPLORATIONS IN ECONOMIC HISTORY | 1993年 / 30卷 / 01期
关键词：
D O I：
10.1006/exeh.1993.1005
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Efficient gold-point arbitrage confines the exchange rate to the gold-point spread, but efficient uncovered interest arbitrage stabilizes the exchange rate even more, locating it within a narrower "speculation band." Under the 1925-1931 dollar-sterling gold standard, gold-point arbitrage was uniformly efficient, but uncovered interest arbitrage exhibited periodic episodes of apparent inefficiency, susceptible to various explanations. Gold-point arbitrage and uncovered interest arbitrage reinforce each other′s efficiency, thereby enhancing exchange-rate stability. In fact, the dollar-sterling exchange rate during the interwar gold standard was considerably more stable than that in the classical period. © 1993 Academic Press. All rights reserved.
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页码：98 / 127
页数：30
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